Daily Report Card 05062020

My week­ly goal

Only take trades when there are at least 3 con­flu­ences. Trade loca­tion. Mar­ket Pro­file. Price action confirmation.

Yes Pre-mar­ket routines

Good Ses­sion PECS

Yes Dai­ly review

Good Trade selec­tion

Bad Trade Exe­cu­tion & Mgmt.

Good Risk Adjust­ed Returns

How accu­rate was my assess­ment of mar­ket context?

I thought I did well but I was point­ed out that the data that I was see­ing is per­haps the wrong data. Still in the process of fig­ur­ing this out. Based on what I was see­ing, I can say the following:

Mar­ket opened below PVAL and formed a M30 bull­ish engulf­ing at H4 con­ter­mi­nous demand line 1.40358. I missed this because I had failed to mark this H4 con­ter­mi­nous demand lev­el in my pre­mar­ket prep. Big fail. This went on to enter PVA and hit tar­get of PVAH. Since by then we were in the sec­ond half of the ses­sion, I was look­ing for a con­flu­ence to go short. This con­flu­ence came by price hit­ting PVAH and H4 VWAP with­in H4 Sup­ply ZOI. M5 gave me a nice entry, but I hes­i­tat­ed a bit on tak­ing the trade and thus had a sub­op­ti­mal entry. Anoth­er fail was to base my SL on the M5 can­dle where­as I should have gone back to the M30 chart for fur­ther mon­i­tor­ing. These two rea­sons were why I only had a 7 pip stop and got tak­en out by 2 pips before the mar­ket went in my favor. R/R based on my think­ing at the moment was x3 (with the pow­er of hind­sight of course) I was going for x2 R/R. How­ev­er if I had used prop­er SL based on M30 20 pips, my R/R would have been (again, hind­sight is 20/20) only x1 and I would have had to close the posi­tion time-based at noon. 

If I didn’t have the ‘wrong’ data, my approach trad­ing today would have been com­plete­ly wrong. Still work­ing on this.

How well did I fol­low my process?

I failed in my pre­mar­ket prep to iden­ti­fy the H4 lev­el even though it was against my week­ly trad­ing plan bias. When I found out I hes­i­tat­ed and lost the trade. In my opin­ion I did well look­ing for the rever­sal in the lat­ter part of the ses­sion but I was point­ed out that trad­ing off the PVAH is sta­tis­ti­cal­ly (only 12%) a bit idea. Rea­sons for me doing this was because of the con­flu­ence based on my own expe­ri­ence using VWAP. 

To improve on this, I will fig­ure out the MP indi­ca­tor sit­u­a­tion and adjust where need­ed. Fur­ther­more, I will learn more about MP and how to use it, as the MS approach should super­sede my own because I am here to get taught by pro­fes­sion­als. I am mak­ing my way through the cours­es but try­ing not to skip ahead. I will dis­cuss more on this with the mentors. 

I will focus more on trade loca­tions in line with my week­ly trad­ing plan 

How well did I man­age my phys­i­cal, emo­tion­al and cog­ni­tive states?

I did well here.

What’s one thing you learned today?

MS approach super­sedes my own. I am here to learn how to trade pro­fes­sion­al­ly and that is what I will do. 

What’s one thing I need to do more often?

Take notes of com­ments and write out my own process plan to min­i­mize future errors. 

What’s one thing I need to do less often?

Go against the week­ly trad­ing plan bias. 

For my trade plan(s) on this par­tic­u­lar day with com­ments below, go here:

Pre­mar­ket Prep USDCAD 05062020

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